Takeover announced

INTERNATIONAL PROPERTY group Sonae Sierra has purchased two shopping centres in the Algarve, bringing the company’s total to 43 worldwide.

The group acquired Modelo shopping centre in Albufeira and Continente shopping centre in Portimão for 32 million euros. Further to the acquisition, it announced that 14 million euros would be spent on remodelling both centres in an effort to improve their image and create a more ambient shopping experience for customers.

Sonae Sierra is co-owned by national company, Sonae and Grosvenor, a UK-based international property developer. The group currently owns 19 shopping centres in Portugal and operates in Spain, Italy, Germany, Greece and Brazil.

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